Magnetar Financial LLC Makes New Investment in Everest Group, Ltd. $EG

Key Points

• Magnetar Financial LLC has acquired a new stake in Everest Group, purchasing 1,808 shares worth approximately $657,000 during the 1st quarter.
• Everest Group reported a quarterly EPS of $17.36, exceeding estimates, along with revenues of $4.49 billion, a 6.2% increase year-over-year.
• The company announced a quarterly dividend of $2.00 per share, with a total annualized dividend of $8.00 and a yield of 2.3%.

Magnetar Financial LLC purchased a new stake in shares of Everest Group, Ltd. (NYSE:EG - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,808 shares of the company's stock, valued at approximately $657,000.

A number of other institutional investors and hedge funds also recently modified their holdings of EG. Sunbelt Securities Inc. purchased a new stake in Everest Group in the fourth quarter worth $29,000. SVB Wealth LLC bought a new position in shares of Everest Group in the first quarter worth $30,000. Tsfg LLC bought a new position in shares of Everest Group in the first quarter worth $33,000. Zions Bancorporation National Association UT bought a new stake in Everest Group during the first quarter valued at $34,000. Finally, WPG Advisers LLC bought a new stake in Everest Group during the first quarter valued at $37,000. 92.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Everest Group

In other news, CEO James Allan Williamson bought 1,000 shares of Everest Group stock in a transaction on Wednesday, June 11th. The shares were purchased at an average price of $337.97 per share, for a total transaction of $337,970.00. Following the acquisition, the chief executive officer owned 25,618 shares of the company's stock, valued at approximately $8,658,115.46. The trade was a 4.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.10% of the company's stock.

Everest Group Trading Down 1.5%

Shares of EG traded down $5.35 during trading hours on Friday, hitting $339.91. The company had a trading volume of 195,439 shares, compared to its average volume of 273,955. The firm has a market cap of $14.26 billion, a P/E ratio of 18.04, a P/E/G ratio of 0.25 and a beta of 0.51. The stock's 50 day moving average price is $336.54 and its 200 day moving average price is $343.91. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.24. Everest Group, Ltd. has a 52-week low of $320.00 and a 52-week high of $407.30.

Everest Group (NYSE:EG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $17.36 EPS for the quarter, topping the consensus estimate of $15.14 by $2.22. Everest Group had a return on equity of 5.89% and a net margin of 4.56%.The firm had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter in the previous year, the business earned $16.85 earnings per share. The company's quarterly revenue was up 6.2% on a year-over-year basis. On average, research analysts predict that Everest Group, Ltd. will post 47.93 EPS for the current year.

Everest Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $2.00 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.4%. Everest Group's dividend payout ratio is 42.46%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Everest Group from $330.00 to $350.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Citigroup assumed coverage on Everest Group in a research note on Wednesday, August 13th. They set a "neutral" rating and a $362.00 price target for the company. UBS Group dropped their price target on Everest Group from $372.00 to $370.00 and set a "neutral" rating for the company in a research note on Wednesday, July 9th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of Everest Group in a research note on Monday, August 4th. Finally, Keefe, Bruyette & Woods lifted their price target on Everest Group from $405.00 to $416.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, Everest Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $397.14.

About Everest Group

Everest Group, Ltd., through its subsidiaries, provides reinsurance and insurance products in the United States, Europe, and internationally. The company operates through two segment, Insurance and Reinsurance. The Reinsurance segment writes property and casualty reinsurance; and specialty lines of business through reinsurance brokers, as well as directly with ceding companies in the United States, Bermuda, Ireland, Canada, Singapore, Switzerland, and the United Kingdom.